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CREDIT UPDATE

• Government bond yields close barely changed following close-to-consensus jobless claims.

• Stocks were also little changed with SPX / SXXP +0.2%/-0.1%. %. Within the €IG issuer basket, Sage and Siemens dipped, BT and Walmart rallied following earnings, but spreads were little moved. TenneT was the big mover, up to 12.5 points lower following doubts over the sale of grid assets to the German government.

• €IG cash closes less than 1bp tighter overall. Supply continues with Merck four tranche, Timken, Covivoi, Cellnex, Sparebank and UnipolSai all pricing €IG deals.

• CDS indices close little changed.

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